Question

examine how your company approaches projects and how financial performance and company missions/strategies are connected to a project for  financial performance.

addressing the following items:

• Overview: Identify the area selected and why
• Issue: Explain how a lack of connection has impacted project success in the past. Alternatively, explain how a strong connection contributed to project success. If possible, consider providing an example project to illustrate your point.
• Conclusion: Discuss how the connection can be better established in the future including any training or improved skill-sets that might be necessary.

The objective for the is to convince leadership to adopt changes that embrace a stronger connection with either financial performance or company missions/strategies.

Answer 1

A) To select a effective project, the company should exercise some of the method like Cost benefit ratio, Payback period, Net present value, Internal rate of return,etc.

B) There are 5 steps to a new project management / Implementation:

1) Project initiation

2) Project Planning

3) Project Execution

4) Project Monitoring and control

5) Project Closure

C) To improve financial performance of the company :

The mission of the company should reflect what the company is aiming to achieve in the selected project and which should be a part of their mission statement. Company main aim is to make more profit the approach may differ.

Example :

In an airline business one may target premium business class, low cost, or both.

Depending on the targeted market segment, the company should have operational objectives and goals that they should be working on regularly to achieve. These goals are linked to the mission statement. The management and their subordinates need to be familiar about the objectives of the work to be done. In this process proper communication is the main pillar. If everyone is working towards a common goal, operation is sorted which basically means that the product is achieving the mission statement of the company.

The next step will be to convince the targeted market sector that the company’s product is the best value for their money. To be on top of the game, this process needs to be cyclical. The importance of continuous improvement and research and development should not be underestimated.